| Pages in topic: < [1 2] | Poll: Have you set an income target for your translation work in 2010? Thread poster: ProZ.com Staff
|
|---|
Rebecca Garber 
Local time: 14:54
Member (2005)
German to English
+ ...
I'm the CPA, or at least the accountant, since there's nothing certified or public about it, and I use the previous year's numbers for an estimate, and revise using the current year's figures.
That said, I still want to make more this year than last year, and more next year than this year.
Which ought to qualify as a target.
As for New Year's resolutions: I know several self-employed people for whom, "Actually *earn* money", is a common resolution. ... See more I'm the CPA, or at least the accountant, since there's nothing certified or public about it, and I use the previous year's numbers for an estimate, and revise using the current year's figures.
That said, I still want to make more this year than last year, and more next year than this year.
Which ought to qualify as a target.
As for New Year's resolutions: I know several self-employed people for whom, "Actually *earn* money", is a common resolution. ▲ Collapse
| | | | Jenn Mercer
United States
Local time: 14:54
Member (2009)
French to English
I agree with Anne that income targets are particularly important when you are beginning your career. The average earnings that I have seen for professional translators vary considerably. This was my first full year of freelance writing and translation and I will admit that I have been pretty anxious at times. I did not meet my overall goal for this year's income, but the overall pattern is trending upwards enough to give me great confidence. I have two goals. One is a minimum which will provide ... See more I agree with Anne that income targets are particularly important when you are beginning your career. The average earnings that I have seen for professional translators vary considerably. This was my first full year of freelance writing and translation and I will admit that I have been pretty anxious at times. I did not meet my overall goal for this year's income, but the overall pattern is trending upwards enough to give me great confidence. I have two goals. One is a minimum which will provide financial stability for our family and the second is the goal I would like to reach in the first 3 years of business. I accept that there is a lot in the world of a freelancer that I cannot control, but I can decide how many queries to send out and when to raise my rates. ▲ Collapse
| | | |
I still don't see much benefit for me in this.
I can see the benefits of setting a cut-off point under some circumstances, such as Parrot's or trying to have more free time, but the idea of setting a high income target just sounds stressful.
| | | | | For tax reasons... | Dec 8, 2009 |
Yes, or more correctly, my accountant has!
He deliberately sets it to be realistic, but low, and then we save up during the year to cover the tax for the amount earned over the target.
That is the best way to do it in Denmark. If I don't set a target, the authorities estimate a figure, and I have to pay tax on that. It is usually higher, and it takes time to get the money back if I pay tax for more than I have earned. I have no head for figures... I would like to make ... See more Yes, or more correctly, my accountant has!
He deliberately sets it to be realistic, but low, and then we save up during the year to cover the tax for the amount earned over the target.
That is the best way to do it in Denmark. If I don't set a target, the authorities estimate a figure, and I have to pay tax on that. It is usually higher, and it takes time to get the money back if I pay tax for more than I have earned. I have no head for figures... I would like to make a little more than this year.
All the best for 2010, folks! ▲ Collapse
| | |
|
|
|
Lise Leavitt
United States
Local time: 14:54
Member (2008)
Danish to English
+ ...
| I answered yes | Dec 8, 2009 |
I don't see the big deal. What is wrong with a little ambition? I was perfectly content with this year's earnings, and my target is to make, if not more, as well as 2009. That said, I don't feel stressed if I don't work 10 hours or more each day. My philosophy is simple...things will get better! I love my job too much! I love the liberty that comes with being self-employed! The glass is always half full, and not half empty =)
| | | | Nicole Schnell
United States
Local time: 11:54
English to German
+ ...
In memoriam
David Russi wrote: My CPA (me) just needs the previous year figure to calculate and set up my quarterly tax payments... 
However, if I decide to go on vacation for several months, if I am dealing with health problems or if a translator is expecting a baby, it would be pretty stupid to base the tax payments on the previous year figure, isn't it?
| | | | Nicole Schnell
United States
Local time: 11:54
English to German
+ ...
In memoriam
Christine Andersen wrote:
If I don't set a target, the authorities estimate a figure, and I have to pay tax on that. It is usually higher, and it takes time to get the money back if I pay tax for more than I have earned.
| | | | | Yes, for the month - I always do | Dec 12, 2009 |
I do this to push myself. I am essentially lazy. But when I see that I haven't met my target for the month, I make a few phone calls or accept work that I really would prefer not to do.
I also like to have the number for budgeting purposes. I know what I can realistically expect to earn, so I don't make financial commitments beyond that amount. And if I've made a commitment, I know I have to push myself to pay for it.
This just happened recently. I wanted to attend an ... See more I do this to push myself. I am essentially lazy. But when I see that I haven't met my target for the month, I make a few phone calls or accept work that I really would prefer not to do.
I also like to have the number for budgeting purposes. I know what I can realistically expect to earn, so I don't make financial commitments beyond that amount. And if I've made a commitment, I know I have to push myself to pay for it.
This just happened recently. I wanted to attend an expensive seminar, but when I crunched the numbers I realized it would be a mistake because it would set me back.
[Edited at 2009-12-12 07:17 GMT] ▲ Collapse
| | | | | Pages in topic: < [1 2] | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Poll: Have you set an income target for your translation work in 2010? | CafeTran Espresso | You've never met a CAT tool this clever!
Translate faster & easier, using a sophisticated CAT tool built by a translator / developer.
Accept jobs from clients who use Trados, MemoQ, Wordfast & major CAT tools.
Download and start using CafeTran Espresso -- for free
Buy now! » |
| | Protemos translation business management system | Create your account in minutes, and start working! 3-month trial for agencies, and free for freelancers!
The system lets you keep client/vendor database, with contacts and rates, manage projects and assign jobs to vendors, issue invoices, track payments, store and manage project files, generate business reports on turnover profit per client/manager etc.
More info » |
|
| | | | X Sign in to your ProZ.com account... | | | | | |
Login to reply/comment 
